|
_ ..�' �'`�;.`'iti�v,�..aYer:+��. .. � . . . yy� - ..v.. "._—,.____. .
<br /> _�'�
<br /> �t.����,�.. . . 71!'- '. . ' :. .�. �_i{:Tr.v_',,,—___��. _.._.
<br /> • ...�; , ..
<br /> . i . _ ..
<br /> •��: �� .,��...;r5�,6e(L147•�+' '" • � .,.,.__ _
<br /> ,
<br /> � - • - - --- .:_'--•-�r__.a,.:. ';c�RrYet,--- ---�-- -
<br /> ��_
<br /> • ". . =�:..
<br />_..--:,-�- -- - ---_�_� ---� —
<br /> - ---- ----° .. -- - --•__..�...»�� - _�--,.�.��„n-�.�..r-,..�___�__�_�---�...._._.._��_.�
<br /> 97- 1073'�8
<br /> Borrower may cure auch � de1�uB �nd rNnatate, ae provided In paragnph IB, by caueh� the �ctlon or proceedinp to be
<br /> . dismiased wlih� ruling that, In Lender'e pood I�ith dstaminatlan, precludea fo►feiture ot the 9orroxer'a Interest In tha PropeAy or
<br /> other m�terial Impakment of tfi�Ilen cnaled by thls .�iecurfty In�trument or Lender'e eecurity Interost. Bonower eh�N�iso be In
<br /> delault II Borrower,durinq ihe lo�n�ppllcptlon procea�, p+�ve materiaUv(alse or Innccurate Inlormatlon or statemente to lender(or
<br /> lalled to provlde Lendar wlth any materlr! Info�matlon) In connectlon wlth tho loun evldenced by Ihe Note, Includinp, but not
<br /> Iimited to, repreaentatlone concerning Borrowe►'e occup�ncy o1 the PropeAy ee s princlpel resldaue. II thla Securlty
<br /> Inntrurnant la on a le�eehold, Bortower ehall compiy wlih all the provlsiona ol the IeASb. II 8orrower �cqulres lee tille to the
<br /> Properly,ti�e letnehold end the tee tiile sheN not merpe unleaa I.ender apreee to the merger h wrllln4.
<br /> 7.Pr�betlon of L�nder'� Rlpht� In th� prop�rty. If Borrower lalls to pedorm ihe covonnnta and agreemente
<br /> contalned In ihls 3ecurlty Inatrumenl, or there la a legal proceeding that mey elgnitic�ntly eAect Lender's rlghte In the Properly
<br /> (such as a prxeedfig In benkruplcy, probate, lor condemnetlon or IoAeltura or to nnlorco law, �r ragulatlona). then Lender may
<br /> do and pay lor whatever Is necesssry to protect ihe voluo 01 the Propeny and Lender'e rlghla in the Properly. Lender's actlons
<br /> may Include p�ytng eny eums secured by e Ilm whlch hes prloriry over thla Securiry Inslrument, appearinq In oourt, paylnp
<br /> reseonabie �flornaya'feee and entering on the Property to make repalra.Alihough Lender m�y toke actlon under thls pnrngraph
<br /> 7. Londa does not h�ve to do so.
<br /> Any amounts dleburaed by Lender under peragreph 7 shell become edditional debt M Borrower secured by thlo Security
<br /> Instrument. Unless Bor►ower and Lender agree to other tertns of payment, these amounta shall bear Interest irom ihe data oi
<br /> dlsburaement»the Note rete and shaA be payable,with Interest, upon notice irom Lender to Borrower requesting payment.
<br /> 8. Morlgag� Insurane�. If Lender requlred mortgage inaurnnce sa a conditlon of mnking the loan aecured by thls
<br /> Security Instrumant,BoROwer shaM pay the promlums required to malntein the mortgage Insumnao In ettect. It,for any reaeon,the
<br /> mortgnge insunnce eovernge required by Lender lapses or ceases to be in ettect, Borrower shali pay the premluma required to
<br /> obtain coverego substantlaNy equfvaient to the mortgage Inauranae prevlousiy in eBect. at e cost substantialty equivalent to the
<br /> coat to Bortower ot the moRgego Insurance prevlously In efloct, from an altemate mortgage Insurer approved by Lender. IT
<br /> substantielly equlvalent mortgage Inaurance r,overnge Is not evaflable. Bortower ahail pay to Lender each month a sum equal to
<br /> one�lwelAh of the yeariy mortgage insurance premium being pald by Bortower when the Ineunnce coverago lapaed or ceaned to
<br /> be In efleci. Lender will accept, use and reteln these payments ao a loss reserve fn ileu of mortgage Insurance. Loss reserve
<br /> payments may no longer be required, at the optlon ot Lender, Ii mortgage Insurance coveraqe (in tho amount and tor the peiiod
<br /> thst Lender requires) provided by an insurer approved by Lender agaln becomes�vaflable Nd Is obteined. BoROwer shall pay
<br /> the premiurns reyulred to melntaln mortgage Insurence in ettect, or to provlde a loas reserve, until tha requlremeni tor mortgage
<br /> Insurance ends In accordance with eny w�itten egreement between Bortower and Lende►or apppcable law.
<br /> 9.InspYCtlon. Lender or its agent may make reasonable enMes upon end Inspecttona of the Property. Lender shall gNe
<br /> Dorrower notice at the time of or prior to an Inapectlon specitying reasonable cause for the inspectlon.
<br /> 10. Condemnation.Tho proceeds af any award or claim for damages, dlrect or consequentlal, fn connection with eny
<br /> condemiation or other teking of any part ot the Property, or for conveyance fn Ileu of condemnation, are hereby assigned and
<br /> shall he paid to Lender.
<br /> In ihe event of a total taking af the Property, the proceeds shall be applled to the sums sRCUred by this Security
<br /> Instrument, whether or not then due, with any excess pald to Borrower. In the event of e pnRial teking of the Property In which
<br /> the telr ma►ket value of the Property Immediately before the teking Is equal to or greater then the emount of tho sums secured
<br /> by this Securiry Instrument Immediately betore the teking, untess Borrower and Lender olherwise agrte In writing, the sums
<br /> secured by thls Security Instrument shali be reduced 6y ihe amount of the proceeds muftlplled by the toilowing irection: (a)the
<br /> totei amount of the sums securQd immedlately betoro the taking, dNided by (b� the talr market value of the Property Immediatey
<br /> betore ihe teking. My baiance ahall be pald to Bonower. In the event oi a paRial taking oi the Property in which the fair market
<br /> vnlue ot the Property immedlately before the taking Is less than the amount of the sums secured Immediately before the taking,
<br /> unless Borrower end Lender otherw(se agree In writing or unless epplicabie law othervvise providos, the proceeds shell be
<br /> applfed to the sums secured by this Security Instrument whether or not tha sums are then due.
<br /> If the Property Is abendoned by Borrower, or it, atter noticn by Lender to Borcower thel the condemnor ottero to make�n
<br /> award or settle a clakn for damages, Bonower fails to respond to Lender wfthin 30 days atter the date the notice is ghrm,
<br /> Lender b aulhorized to colleat and apply the proceeds, et Its option, either to restoratlon or repalr ot the PropeAy or to the
<br /> sums secu�ed by this 3ocurtty Instrument, whether or not then due,
<br /> Unless Lender end Bartower otherwise aflree In writing, any eppiication of proceeds to principel ehall not extend or
<br /> postpone the due date of the monthly peyments refc�red to In paragraphs 1 and 2 or cha�ge the emount ot such payments.
<br /> 11.9orrow�r Not Rdeaasd; Forbsarance By Lendor Not a Waiver.Extena�on ot the tkne tar payment or
<br /> modtRcaUon of amorthatlon oi the sums aecured by thfs Security Inntrument grantod by Lender to any successor In Interest of
<br /> Borrower shal not operate to reiease the Ilabllity of the orlginel Borrower o�8ortown's successors In interest. Lender shaN not
<br /> . be required to commence proceedings agalnst any successor in interest or reluae to exlmd time for paymont or olherwise
<br /> modity emortiution ot the sums secured by this Security Instrument by reason of any demand made by ihe original Borrower or
<br /> Bortower's succassors in Interest. Any torbearence b�• Lender fn exercis(ng any right or remedy shaU not be a welver oi or
<br /> predude the exercise of any dght or remedy.
<br /> 12. Succes�sors and Asslgns Bound; Joi�t and Several Liabllity; Co-signers.The covenants and
<br /> egreemmts of ihfs Security Inatrument shall bind and beneili the successora and assigns of Lender and Bonowe►, sub)eot to the
<br /> provislona o}perngraph 17. Borrower's covenants and agreements sheli be Joint end sever�. My 8onowa who co•alyns thfs
<br /> Securiry Instrument but does not execute the Note: (a) is co•slgning this Secu►ity instrumenf only to mortgage, grant and convey
<br /> that Bortoyver's Interest in the Property under the terms of thla 3ecu�ity Instrument; (D) is not personaly obligated to pey the
<br /> sums secu�ed by thls Security Instniment; and (c) agreos that Lender and eny othor Bortower may agree to extend, modily,
<br /> torbear or �uke any accommodatlons wlth regard to tho terms of thls Seeurity Instrument or the Note without that Borrowe�'s
<br /> consent.
<br /> 13. L,Cpt1 Chptgee. If the loan secured by thia Secu�ity Instrument Is subJect to a law whicb sets meximum loan
<br /> charc�es,and that law is finaly fnterpreted so that the intereat or other loan charges collectod or to be collected in connectfon
<br /> wRh the ban exceed the permitted Iimits, then: (a) any such loan charge shall be reduced by the amount nocessary to reduce
<br /> the cherge to the permftted Ilmit: and (b) any sums already collected from Borrower which exceeded pertnitted Iim(ts will be
<br /> retunded to Barower. Lender may choose to meke this retund by reducing the princfpal owed under lhe Note or by making a
<br /> direct peyment to Borrower. Ii a refund reduces pdncipul, the reduction wfll be treated es a partial prepayment wfthout any
<br /> preoayment charga under the Note.
<br /> 14.NOtlCe9.My notice to Bortower provided for in this Secur(ty Instrument shall be given by delivedng ft or by malling it
<br /> by first class nail unless epplicable law requires use of anotAer method. The notiee shall be dkected to the Property Address
<br /> or any other nddress Borrower deslgnates by notice to Lender. Any notice to Lender shall be given by Tirst clsss rteail to
<br /> Lender's eddress stated herein or eny other eddress Lender designetes by notice to Borrower. Any nottce provided for tn this
<br /> Secutity Instrument shell be deemed to have been gtven to Borrower or Lender when given as pravided In this paragraph.
<br /> 15. �overning Law; Seve��bllity. This 3ecurity Instrument shall be governed by tedarnl law and the law of the
<br /> jurisdiction in which the PropeAy Is located. In the event that any provislon or clause of this Security Instrument or the Note
<br /> conllicts with applicable law, such conflict shali not attect other provislons ot this Security Instrument or the Note whlch can be ,.
<br /> given eflsct without the conflicting provislon.To thls end the provislons ot this Security Instnxnent and ihe Note aro declared to =
<br /> be severable. -.
<br /> 16.Borrower's Copy. Boirower shall be glven one confomied copy o1 the Note and o}lhis Security Instrument.
<br />. F7316-LA16 1�H7) P.�q�'3 of 5 �//��D _
<br /> ��Ye
<br /> ��O
<br /> 97143
<br />
|